DATA CRUNCH: How Do Consumers Use Mobile Banking?

Analyze the image on the worksheet to answer the questions on this Data Crunch.

ARTICLE: The Advantages of Personal Internet Banking
Mobile banking uses smart phone apps to interact with your bank accounts. Online banking is a more broad category that includes any device that is connected to the internet. Being able to conduct transactions online and on our phones has reduced the need for people to go to banks in person and do things on paper. Read the Features section of the article (up to Making Transactions Safe) about the advantages of online banking. Then, answer the questions.

• The article listed 7 major advantages of online banking. Choose 2 and, in your own words, explain how they can make banking easier or more convenient.
• Do you already conduct your banking online or through your phone? If yes, which of these advantages do you find helpful? If not, which of these do you think you would find to be the most helpful? Why?

ARTICLE: Online Bill Pay: What It Is and Why to Use It
In the Data Crunch, you saw that many people are utilizing online and mobile banking with their checking accounts. They love the convenience and time-saving features of online banking, including the ability to pay their bills online. Skim this article to learn more. Then, answer the questions.

• What might be the benefit of setting up a recurring payment through online bill pay?
• Picture yourself moving out on your own or maybe with a roommate, working your first full-time job. List at least four people or companies you might want to pay regularly by using online bill pay.

VIDEO: What is Direct Deposit?
Another feature online banking offers is Direct Deposit, which is now the most common form of payment for work. Watch this video to learn what some of the benefits of direct deposit are. Then, answer the following questions.

• In your own words, explain what direct deposit is.
• What information will you need to provide to your employer to set up direct deposit?
• What are the benefits of using direct deposit?

Learning Targets:

• I can list the advantages of online and mobile banking versus traditional banking.
• I can explain what online bill pay is and how recurring payments work.
• I can discuss the benefits of direct deposit for my paycheck.